Checks Likely To Be Phased Out As Online Banking Thrives


Checks may soon be a thing of the past, as this medium of payment is steadily being phased out in favor of quicker and less labor-intensive online banking. Undoubtedly for example, paying bills with checks is not as popular as it used to be, and worldwide, the bodies that monitor and regulate banking systems have been giving customers the opportunity to not have checks at all.

The truth is, these days, very few persons actually use checks, especially in more developed countries such as the USA, UK, Canada and Australia, and although its sad to say, many of the demographic (older individuals over the age of 60) that still hang on to the use of checks are fading (passing away) slowly but surely every year, make it inevitable that electronic/digital will triumph eventually.

From all angles, the check and other manual/paper forms of financial transactions are being replaced because of Internet banking and Internet-based transactions. A classic example is in the area of billing. e-billing software are rapidly replacing those manual/printed invoices that a company would need in order to authorize a check for signing.

Surely the writing is on the wall. Online banking and Internet-based transactions are here to stay, and here to replace the manual/printed.